Why is financial services the only sector to pay its female staff more than their male counterparts? Why are men typically contracted to work 30 minutes less than women each week?
These and other quirky findings can be found in this year’s Salary Survey. Aside from encouraging whimsical analysis, the survey can also be relied upon to provide a solid foundation on which to base future ‘people’ decisions – and let’s be honest, there are few topics more likely to rouse interest than salary.
An analysis of the findings points to areas of strength and weakness across the B2B space. For strengths, we need look no further than the average industry salary, which sits well above the national average. For weaknesses, we could point to a slight drop in average earnings since 2016, and to the widening gender pay gap. This last point is especially disconcerting when you consider that male wages increased overall by around £4500 in the past 12 months, while average female pay packets shrank.
It’s an issue the industry as a whole could certainly do with addressing. But that’s not to suggest sexism is a systemic problem: 45% of respondents suggest their organisations provide equal opportunities for climbing the career ladder – even if the financial incentives don’t always keep step.
Retention was another area to catch my attention. Put simply, businesses are still not doing enough to retain their top talent. As an example, 40% value corporate sponsorship of educational qualifications but don’t receive this benefit. This feels like a missed opportunity, particularly for the 51% of respondents who listed their satisfaction levels as ‘somewhat happy’ and are most likely in need of a fresh challenge or two.
The survey offers these insights and more, including areas of benefit – where pension schemes and flexible working came out top – and average salaries by geography, function, age group, and qualification. So what are you waiting for? Grab a cuppa and get reading.
